Cardano Price Consolidates as Bullish Momentum Fades

• At the time of writing, ADA is trading at $0.6123, down 0.22% in the last 24 hours.
• If the price manages to go below $0.58 level, then it will likely test $0.57.

According to Santiment statistics, Cardano (ADA) had the most development activity in December, establishing itself as the market leader.

An essential indicator of a crypto project’s dedication to building a functional product and its probability of releasing new features is its development activities. Santiment reports that 540 development activities occurred on Cardano in the previous 30 days. Following closely after it with 358 development activities were Polkadot (DOT) and Kusama (KSM).

The head developer of Cardano, Sebastien Guillemot, has dropped hints about some groundbreaking changes coming in 2024. Amidst a decline in Ethereum sentiment, Guillemot voiced his excitement about the possibility of a partnership with Arbitrum, implying that Cardano, Arbitrum, and Mina Protocol are soon to be fused. A paradigm change in the context of blockchain may be possible as a result of this strategic cooperation.

Consolidation Phase

At the time of writing, ADA is trading at $0.6123, down 0.22% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 16.58%. The price has been consolidating lately after failing to clear above $0.65 level. 

With a 150% rise from October, ADA Coin reached its yearly high on December 11 at $0.68. Both an advancing RSI and a reading over 50 indicate a positive trend on a weekly basis.

If the price manages to go below $0.58 level, then it will likely decline further to test $0.57 support level. On the other hand, if the price manages to go above $0.65 level then it will likely surge further to test $0.68 resistance level.